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Commerce FX storms US retail market

FX Week staff

30 Aug 2004

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The bank has seen "tremendous growth" over the past three months, with month-on-month increases of 50% in terms of deposits and 30–35% in volumes, said Paul Belogour, head of FX and trading for Commerce FX in Boston.

The bank launched its margin trading business in April 2003 and quickly realised there was "huge demand" for the product from well-established financial institutions, as a result of mistrust between customers and brokers, said Belogour. "There's demand for a reputable entity.